Formula One Betting Contracts
German National Association for Sportbook and Gamblers (Federation des Sportbooks) is the leading governing body in Germany. Alternative Names: DEFA, Deutsche Film- akademie, Universum Film-Aktieve. The association was founded in 1917 in the aftermath of the German Revolution, when the German government centralized all the country s major studios. Its aim was to promote German culture and, later on, to improve Germany s worldwide image at the time of the World War I. It did achieve both these aims.
The association, which is completely owned by the Government of Germany, sets up and implements a number of tough regulations to ensure that the sportbooks it regulates are not allowed to give out the prize money in one-year deals. In most cases the ufa association’s annual congresses are attended by representatives from various clubs and casinos across the globe. At these gatherings, proposals for ufa rules and regulations are put forward. Once adopted by the clubs and casinos, the area associations take a vote on the proposals and if they are approved, they implement them. The result of this decision is then delivered to all the ufa members, who then approve or disapprove of the proposal.
The ufa demands that members give a one-year contract with exclusive terms and conditions. This contract may be renewed for a further one year, notwithstanding whether the member wins or loses the game. It stipulates that no other gambling device may be used during a game except the ones mentioned in this contract. These include, among others, the “game of one-year guarantee” (also known as “ten-year guarantee”), the “game of four years guarantee” and the “game of three years guarantee.” All these four years must be played inclusively; otherwise the contract is voided.
The contracts, together with the UFA’s rules on the playing conditions and the manner of selecting the winner, govern the sport and its participants. No other provision of the ufa agreements restricts the ufa from organizing or financing a race event. Therefore, the provision of information about a proposed new race track or casino, the awarding of contracts or the granting of extensions to existing members, is perfectly within the control of the ufa.
As regards the matter of how much the ufa has to pay out on winning bets, there is no specific amount. The amount depends on the value of the bet and the revenue generated by the track. For example, a race involving two horses that have an estimated value of ten million pounds will generate one million pounds in betting revenue. Therefore, the ufa has to calculate the amount of each horse’s winnings and divide them by the total bet made and by the number of years the race is scheduled to be played. This is known as the “stake-weighted stakes.”
The contract may contain provisions allowing the ufa to impose conditions on the conduct of races, the payment of bonuses to players or the provision of certain benefits to players, dependent on the amount of membership. The amount of a fixed bonus depends on the discretion of the ufa, which decides whether to include it in the contract or not. The signed one-year and signed three-year extensions to the respective members terms of agreement are also subject to renewal, as per the provisions of the contract, except in cases where a new contract is agreed upon before the expiry of any existing one.